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Summary Of Greek Reform "Pledges"

Tyler Durden's picture


At this point everyone is so habituated to worthless updates from Greece that we are shocked Bloomberg even noticed. Either way, here is latest Greek headline tape bomb, via BBG, which looks at a leaked Troika draft report obtained by Bloomberg.

  • TROIKA DRAFT GREEK ACCORD SAYS 2012 GDP TO SHRINK AS MUCH AS 5% - so make that 15%-25% realistically
  • GREECE TO CUT MEDICINE SPENDING TO 1.5% OF GDP FROM 1.9% OF GDP - why not just "cull" 15-20% of the population?
  • GREECE PLEDGES TO MERGE ALL AUXILIARY PENSION FUNDS -  one problem - following the default, there will be no pension funds left.
  • GREECE TO PLEDGE 20% CUT IN MINIMUM WAGE IN TROIKA DRAFT - and Greek citizens pledge to never work again.
  • TROIKA DRAFT GREEK ACCORD RENEWS PLEDGE TO CUT 150,000 EMPLOYEE - or the US equivalent of nearly 5 million workers...

But the winner is:


This from the country that was "just short" of a 9% forecast revenue growth in January with a 7% miss??? Sheer lunacy, and Germany will throw up all over the "pledges" as they have had enough. What is needed are guarantees. And even these are pending since the government meeting is still going on, meaning that Greek "leaders" can't come to an agreement over a set of hollow promises?


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Wed, 02/08/2012 - 15:50 | 2138894 Irish66
Irish66's picture

1 new hire for each 5 departures, hmmmmmmmmm

Wed, 02/08/2012 - 15:52 | 2138903 besodemuerte
besodemuerte's picture

If it were the US, the media would spin that into 20% job growth.

Wed, 02/08/2012 - 16:01 | 2138956 redpill
redpill's picture

By 2013 all that will be left of Greece is ashes from riot fires.

Wed, 02/08/2012 - 16:12 | 2139013 GenX Investor
GenX Investor's picture

We pledge that every Friday will be Ice Cream Friday for all government employees, plus free unicorn rides for all government workers under age 10.

Wed, 02/08/2012 - 16:20 | 2139050 Spastica Rex
Spastica Rex's picture

Funniest comment in the last 10 days = +10

Wed, 02/08/2012 - 16:25 | 2139071 BaBaBouy
BaBaBouy's picture

Looks like the Greek Sheeple get in Da Butt again ...

Wed, 02/08/2012 - 16:27 | 2139079 knukles
knukles's picture

So it's all fixed again, right?

Wed, 02/08/2012 - 16:38 | 2139121 Nothing To See Here
Nothing To See Here's picture

Return to growth in 2013. There's no other word indeed, that's hillarious.

But hey, look, I wanted to say that I know my 105 years old great grandmother is terminally ill but wait 'til next year, she's gonna rock!

Wed, 02/08/2012 - 18:12 | 2139460 Spooky Polish
Spooky Polish's picture

Yeap , to much smoke from tiny green tasty flowers 


smoke too much ?


Growth nexy year ? the'll need hell of a travel agent 


Wed, 02/08/2012 - 16:57 | 2139185 Eisenhorn
Eisenhorn's picture

23rd times' the charm.....right?

Wed, 02/08/2012 - 17:13 | 2139246 battle axe
battle axe's picture

AHHH, Snake Eyes again. You lose, and lose and lose and lose......

Wed, 02/08/2012 - 16:13 | 2139019 economics1996
economics1996's picture

If the BLS was calculating the Greek unemployment it would have dropped from 18.8% to 8%.  Life is simple if you work for the government.

Wed, 02/08/2012 - 16:26 | 2139074 Stoploss
Stoploss's picture


Wed, 02/08/2012 - 18:19 | 2139487 LowProfile
LowProfile's picture

<- LOL'D


Wed, 02/08/2012 - 16:03 | 2138972 VanillAnalyst
VanillAnalyst's picture

All this to put a stop loss on some douche bags unsound lending practices? Screw that, send me a bill, I'll get back to you circa 2045. Best of luck!

-The Greek People

Wed, 02/08/2012 - 16:34 | 2139111 GenX Investor
GenX Investor's picture

You were saying something about the "Arte of the Possible"?  Go on....

Wed, 02/08/2012 - 16:02 | 2138959 Sharks with las...
Sharks with laser beams's picture

Read from recent Armada Markets market forecast that Greece will default within weeks now. This is pretty sure now. If the Greece government accepts these demands then there will be a civil war there soon. 

Wed, 02/08/2012 - 16:07 | 2138980 pkea
pkea's picture

I guess it is time to get ready for summer and finally!!!:)pull those shorts on....what do you think they summoned those finance ministers to brussels for? haha

Wed, 02/08/2012 - 16:10 | 2139006 The trend is yo...
The trend is your friend's picture

a civil war is a war between citizens of the same country.  I think you meant to say a hanging of the politicians and banksters will occur if Greece citizens are forced into accepting these terms

Wed, 02/08/2012 - 17:07 | 2139228 _ConanTheLibert...
_ConanTheLibertarian_'s picture

I'd say the right term is revolution. I've said it before: it's either default or revolution now.

Wed, 02/08/2012 - 17:25 | 2139289 Eisenhorn
Eisenhorn's picture

Greece will not default until they decide it will default.

They will keep this farce going until the markets quit responding to the news of 'NEW" deals, and we are very close to that.

Once the markets stop rallying on this crap, they will drop Greece and move on to Ireland/Portugal to repeat the same crap over again.



Wed, 02/08/2012 - 16:18 | 2139045 Eireann go Brach
Eireann go Brach's picture

Sounds like a cut and paste from the BLS website!

Wed, 02/08/2012 - 16:24 | 2139068 TeMpTeK
TeMpTeK's picture

Coming soon to a theatre near you..

"Drachma-ula Returns"

Wed, 02/08/2012 - 17:08 | 2139232 caerus
caerus's picture

coming soon to cnbs...monty hall hosts "let's make a greek debt deal!"

Wed, 02/08/2012 - 16:26 | 2139075 Sharks with las...
Sharks with laser beams's picture

Forget Greece. You should be looking at Portugal > Ireland > Spain > Italy and on we go.

Wed, 02/08/2012 - 16:29 | 2139092 Banksters
Banksters's picture

How do I invest in these pledges?

Wed, 02/08/2012 - 17:01 | 2139204 MarcusLCrassus
MarcusLCrassus's picture

More importantly: how do I short these pledges?

Wed, 02/08/2012 - 16:44 | 2139145 ilion
ilion's picture

It's all gona end with a war, no other options left.

Wed, 02/08/2012 - 15:50 | 2138895 non_anon
non_anon's picture

frat house pledges, bitchez!

Wed, 02/08/2012 - 16:04 | 2138978 JPM Hater001
JPM Hater001's picture

I pledged once but when I found out Montezuma wanted to carve out my heart and feed it to the Bitchez dragon I got weary and fled.

I see that happening here too.

Wed, 02/08/2012 - 16:06 | 2138988 kaiserhoff
kaiserhoff's picture

Return to growth in 2013.  Why not?

Legalize pot, prostitution, ecstasy, and (ahem) fraternization with sheep, and watch the cash flow, Baybeeee!

Cowabunga Dudes,  Dudettes too;)

Wed, 02/08/2012 - 16:13 | 2139024 carbonmutant
carbonmutant's picture

Those pledges are about as funny as Obama pledging allegiance to the flag...

Wed, 02/08/2012 - 15:51 | 2138897 Ahmeexnal
Ahmeexnal's picture

And a partridge in a pear tree.

Wed, 02/08/2012 - 15:51 | 2138898 alien-IQ
alien-IQ's picture

Riots and fires to commence in Athens in 5.....4....3.....2.....

Wed, 02/08/2012 - 16:04 | 2138974 LongSoupLine
LongSoupLine's picture



This will end...but not well.  The human element is too strong and NOT being factored by ANY "leader".

Wed, 02/08/2012 - 16:10 | 2139005 pods
pods's picture

Agreed.  These conditions, if actually enacted, will be the jump the shark moment for the Troika.

If Greece defaults, Europe burns, if not, Greece burns.

This signals endgame.


Wed, 02/08/2012 - 16:15 | 2139030 GenX Investor
GenX Investor's picture

I think this "Draft" report is just Germany's Santa Clause wish list.

Wed, 02/08/2012 - 15:51 | 2138902 ricocyb13
ricocyb13's picture

Greece is building a huge FENCE, so that their citizens can not flee the country:


Wed, 02/08/2012 - 15:53 | 2138907 Ahmeexnal
Ahmeexnal's picture

The USA did the same. But the sheeple thought it was to keep the "illegal brown dirty people" from entering.

Wed, 02/08/2012 - 16:18 | 2139043 nonny mouse
nonny mouse's picture

That should read "Germany builds a huge fence". They are paying for it, after all...

Wed, 02/08/2012 - 20:06 | 2139847 smiler03
smiler03's picture

All Germany pays for is the interest on German bank loans. 

/semi sarc

Wed, 02/08/2012 - 16:29 | 2139091 GenX Investor
GenX Investor's picture

Uh, that would be on their Southern border, right???

Wed, 02/08/2012 - 17:12 | 2139243 _ConanTheLibert...
_ConanTheLibertarian_'s picture

and they call it an anti-immigrant fence? What a joke. Who would want to enter Greece now?

Wed, 02/08/2012 - 18:06 | 2139440 Use of Weapons
Use of Weapons's picture

Ahh, that's cleared up a mystery for me: I always wondered why an Icelandic combat ship was flying the EU flag.


Amusingly, their teams are known as RABITs, and have already seen a few clashes with Turkish military along that border. So, in effect, Greece is building a rabit proofed fence.

Wed, 02/08/2012 - 15:52 | 2138905 GeneMarchbanks
GeneMarchbanks's picture

'Sheer lunacy, and Germany will throw up all over the "pledges" as they have had enough.'

You underestimate the German stomach.

Wed, 02/08/2012 - 16:00 | 2138947 Ghordius
Ghordius's picture

and the German endurance...

by reading British Newspaper alone, I'd be convinced that Germany is in a state of monetary revolt with barricades in every city...

Wed, 02/08/2012 - 16:12 | 2138981 GeneMarchbanks
GeneMarchbanks's picture

MSM is a self fullfilling prophecy: spew 24hr propaganda that seeps into the unconscious of the unsuspecting and PRESTO! you have unpayed useful idiots doing your work for you. It'd be brilliant if it wasn't so dangerous.

Wed, 02/08/2012 - 15:54 | 2138915 PORTA PORTA
PORTA PORTA's picture

new Loan Facility/Greece



and a new SPV-fiduciary... to receive the interest payments and pay the bond holders.. managed by Merkozy ! based in Lux. tax free.. Juenker has the PATENT. ask Kim yo Il. ( 5bill USD )

xaxaxaaaaaaaaaaaaaaa Jesas


Wed, 02/08/2012 - 15:55 | 2138916 non_anon
non_anon's picture

ha ha, OT but what the hell

it's history

President John F Kennedy ordered an aide to buy him as many Cuban cigars as he could just hours before he authorised the U.S. trade embargo - which subsequently made them illegal.

Kennedy asked his head of press and fellow cigar smoker Pierre Salinger to obtain '1,000 Petit Upmanns' on February 6, 1962, so he could have them in his hands before they were deemed contraband.

Then, seconds after he was told the next morning that 1,200 of Cuba's finest export had been bought for him, he signed the decree to ban all of the communist state's products from the U.S.

courtesy Drudge

Wed, 02/08/2012 - 15:58 | 2138932 GeneMarchbanks
GeneMarchbanks's picture

1962 called, wants its news back...

Wed, 02/08/2012 - 15:59 | 2138938 BlackholeDivestment
BlackholeDivestment's picture

...the Pentagon Pizza was a Cigar. Lol. 

Wed, 02/08/2012 - 16:03 | 2138971 walküre
walküre's picture

I'm surprised that JFK didn't somehow find ways to import cigars from Cuba after he signed the ban into law. That's what his ancestors would have done.

One thing is for certain though. The CIA didn't assassinate JFK over a couple illegal cigars...

Wed, 02/08/2012 - 16:45 | 2139149 non_anon
non_anon's picture

what's good for the goose is not good for the gander

Wed, 02/08/2012 - 20:10 | 2139858 smiler03
smiler03's picture

Just buy them in Europe.

Wed, 02/08/2012 - 15:55 | 2138919 lizzy36
lizzy36's picture

I pledge to be a billionaire and a Victoria Secret Angel by 2013.

Who is with me?


Wed, 02/08/2012 - 15:59 | 2138939 Irish66
Irish66's picture

I meet 1/2 of it

Wed, 02/08/2012 - 16:22 | 2139058 Ivanovich
Ivanovich's picture

Cool!  Post a picture of your sexy ass!

Wed, 02/08/2012 - 16:48 | 2139159 Irish66
Irish66's picture

I was the chick getting painted during the super bowl

Wed, 02/08/2012 - 15:56 | 2138920 surf0766
surf0766's picture

See the culling is starting  !!!!!!!!!!!!!!!!!!!!!

Wed, 02/08/2012 - 15:56 | 2138923 SmoothCoolSmoke
SmoothCoolSmoke's picture

Euro did not like "pledges".  SPY did!  "SCOREBOARD!"

Wed, 02/08/2012 - 15:57 | 2138925 taniquetil
taniquetil's picture

It's ok, Greece already has a fiscal plan that will balance budget by the year 2025. We just need to give them a little more time.

Wed, 02/08/2012 - 16:00 | 2138926 hedgeless_horseman
hedgeless_horseman's picture



Wed, 02/08/2012 - 16:01 | 2138955 GeneMarchbanks
GeneMarchbanks's picture

You know it ain't ag or au they're 'getting'? Not my money...

Wed, 02/08/2012 - 16:02 | 2138963 X. Kurt OSis
X. Kurt OSis's picture

You want these cheeseburgers??!!!

C'mon man.  Yo Merkel!!  I'll suck yo d!%*???

Wed, 02/08/2012 - 16:21 | 2139053 Shock and Aweful
Shock and Aweful's picture

+ 100 for the "Menace II Society" quote .... how appropriate.

( I am sure most have no idea what that is in reference to)

And...CUT SCENE.....

Greek PM plays the bumper-lipped crackhead asking Merkel for just a small little hit of some fiat-crack...


Wed, 02/08/2012 - 16:13 | 2139026 kaiserhoff
kaiserhoff's picture

Long condoms and frequent flyer miles.

Wed, 02/08/2012 - 15:58 | 2138934 sgorem
sgorem's picture

Sounds like the EU, ECB, Germany are finally getting their "FINAL SOLUTION". One country at a time. Gyros bitchez

Wed, 02/08/2012 - 15:59 | 2138940 fonzannoon
fonzannoon's picture

It is refreshing to see the greek brethren come together and pull themselves up by their bootstraps and take one for the team and win one for the gipper to ensure the greater good of the vomit......dry heave......VOMIT.

Wed, 02/08/2012 - 15:59 | 2138941 sabra1
sabra1's picture

would it be possible do do an overlay of the DOW for the last, whatever? i know exactly what the DOW daily would look like two weeks from now, three weeks, four......

Wed, 02/08/2012 - 16:00 | 2138943 distopiandreamboy
distopiandreamboy's picture

I give 2 to 1 odds in favor of a full scale Greek revolt before the end of 2012

Wed, 02/08/2012 - 17:32 | 2139326 X. Kurt OSis
X. Kurt OSis's picture

That is just pure blind optimism.  You should work for Obama...

An American, err I mean, Greece build to last should have the financial stability to avoid civil war for at least two quarters!

Wed, 02/08/2012 - 16:00 | 2138944 Gringo Viejo
Gringo Viejo's picture

Prosperity's right around the corner! Priceless!

Wed, 02/08/2012 - 16:00 | 2138946 Sutton
Sutton's picture


Just Default

Wed, 02/08/2012 - 16:00 | 2138949 Shizzmoney
Shizzmoney's picture
  • GREECE TO PLEDGE 20% CUT IN MINIMUM WAGE IN TROIKA DRAFT - and Greek citizens pledge to never work again.
  • That's gonna go over well.

    Yeah, I'm confident.

    Wed, 02/08/2012 - 16:12 | 2139015 kaiserhoff
    kaiserhoff's picture

    Don't know quite where it will go, but I'll bet it will leave a mark;)

    Wed, 02/08/2012 - 16:01 | 2138953 Dick Darlington
    Dick Darlington's picture

    Can we finally change "Troika" to "incompetent idiots living in denial"?

    Wed, 02/08/2012 - 20:20 | 2139882 smiler03
    smiler03's picture

    I'd prefer "Three Unelected Raping Murdering Fascist Fuckers". 

    edit: added murdering

    Wed, 02/08/2012 - 16:01 | 2138958 Joebloinvestor
    Joebloinvestor's picture


    Another week blows by.

    Here are some scenes from next weeks episode (even though it will be a rerun).


    Wed, 02/08/2012 - 16:02 | 2138964 Everybodys All ...
    Everybodys All American's picture

    CNBC politburo ... just picked up on these headlines.

    Wed, 02/08/2012 - 16:02 | 2138965 ilovefreedom
    ilovefreedom's picture

    Cue Greek riots

    Wed, 02/08/2012 - 16:26 | 2138973 I should be working
    I should be working's picture



    Wed, 02/08/2012 - 16:04 | 2138976 pods
    pods's picture

    And I am sure the metrics they are basing all these pledges on are going to hold, for about a week.

    This is downright awful.



    Wed, 02/08/2012 - 16:07 | 2138992 surf0766
    surf0766's picture

    Metrics is a bullshit leadership word to cover up bullshit numbers !!

    Wed, 02/08/2012 - 16:16 | 2139036 pods
    pods's picture

    Yep, that is why my company started using the term.

    Metrics are numbers massaged into a form that is useful to those reporting them.


    Thu, 02/09/2012 - 21:28 | 2144299 StychoKiller
    StychoKiller's picture

    This is downright awful.

    This is downright offal! (FIFY)

    Wed, 02/08/2012 - 16:05 | 2138982 Seasmoke
    Seasmoke's picture

    only 11 more months until GROWTH ......./SARC

    Thu, 02/09/2012 - 21:29 | 2144303 StychoKiller
    StychoKiller's picture

    So, the underpants gnomes are Greek, then!

    Wed, 02/08/2012 - 16:05 | 2138983 The trend is yo...
    The trend is your friend's picture

    This sould be good to punch thru 1350 on s&p and 13000 on Dow

    Wed, 02/08/2012 - 16:06 | 2138984 LawsofPhysics
    LawsofPhysics's picture


    A greek spokesperson had this to say-  "Quite frankly we are all simply tired of walking and think floating everywhere will be much easier and better for the eCONomy."

    Wed, 02/08/2012 - 16:07 | 2138991 slaughterer
    slaughterer's picture


    Wed, 02/08/2012 - 16:07 | 2138995 Waterfallsparkles
    Waterfallsparkles's picture

    Brilliant?  Fire tons of people.  Lower the wages of most.

    But, but, but, who will pay the taxes to pay off the debt?  The unemployed, the people with lower wages, the homeless?

    How can Greece recover with everyone living in the Streets and eating from Soup Kitchens?

    Wed, 02/08/2012 - 16:30 | 2139049 I should be working
    I should be working's picture

    Yah Guy

    Wed, 02/08/2012 - 17:27 | 2139298 smb12321
    smb12321's picture

    An EU "expert" said for the time being they were trying to freeze things in place but if that's the case, how does the situation improve?  More pointedly, the WSJ had a report on GLAXO who has instituted a policy of removing ALL funds from Europe DAILY - depositing nothing in EU banks. They called it "sweeiping".   Mark my word - another new buzz word.

    Wed, 02/08/2012 - 16:07 | 2138996 DogSlime
    DogSlime's picture



    ...and these are the people running the show.  It's so insane that it becomes comedy, but it gives me a horrible feeling of dread too - images of being on a conveyer belt leading into a sausage machine. 


    We're in real trouble when people like this seem to be in charge pretty much everywhere. 



    Wed, 02/08/2012 - 16:17 | 2139037 Dick Darlington
    Dick Darlington's picture

    These are the same people who said Greece will be back in markets in january 2012. That was their "analysis" when they decided to start the direct bail out game of insolvent sovereigns in 2010. But this time it's different, they promise. I would be laughing my ass off if this wasn't so damn sad.

    Wed, 02/08/2012 - 17:33 | 2139333 smb12321
    smb12321's picture

    But Greece has nothing anyone wants except food items (love their olive oil).  They really don't "make" much of anything so the only way to improve our new kind of economy is consumer buying.  Yet that will clearly be impossible.  So what does the EU think is going to power the country.  Again, they should return/devalue the drachma and get the tourists back. 

    Wed, 02/08/2012 - 16:07 | 2138997 walküre
    walküre's picture

    This is of course complete lunacy.

    Unter Adolf wär das nicht passiert!

    Wed, 02/08/2012 - 18:25 | 2139511 falak pema
    falak pema's picture

    the greek towns must invent new money for local use and make a parallel economy with it OUTSIDE control of Eurozone. Make it a basis of trade and local barter. They could really boost the local economy if they had a guy like Bill Gates to insure back up for a new entrepreneurial economy with salaries pegged to 60% euro  for new local currency. The business would boom if it had back up other than ECB, IMFand Merkel; bloodsuckers all working for bankstas.

    Go local, go alternate economy, get off the euro hook!

    Wed, 02/08/2012 - 18:35 | 2139564 walküre
    walküre's picture

    I'm watching with amazement how the people are trying to rid themselves of the massive public debt. Their so called "leadership" is not able to emancipate the nation and screw the bankers. They can only be complicit and hope for the best as their own asses are on the line if they're not getting the population to stand behind the reforms.

    This one is for the ages. One for the history books! A nation so deeply entrenched in debts it cannot possibly repay is offering itself and its people on the altar of international high finance because every last penny needs to be paid back somehow, someway.

    In the process the "leadership" is agreeing to virtually strangle the nation and try and squeeze blood from stones.

    So bizarre a script, so aggrevating to watch.

    If the Greek military took over to establish a rule that would put the banksters in their place, would anyone here care? I'd cheer them on!

    Wed, 02/08/2012 - 16:10 | 2139001 Marge N. Callz
    Marge N. Callz's picture

    Massive austerity + huge labor cuts = growth???  Sounds more like the formula for ensuring a depression.  The Troika, ECB, EU, et al. have gone full retard.  Don't they know that printing endless amounts of money and massive spending are the only way to really grow an economy?  At least according to the U.S.

    Wed, 02/08/2012 - 16:11 | 2139004 carbonmutant
    carbonmutant's picture

    Long on promises, short on follow through.

    Whatever it takes to get the money...

    Wed, 02/08/2012 - 16:11 | 2139010 oogs66
    oogs66's picture

    Was Pegasus a unicorn?

    Wed, 02/08/2012 - 16:11 | 2139011 valkir
    valkir's picture

    Elada was chosen from NWO as lakmus.Simply to check how the sheeples around the world will respond.100 % they knew upfront,no way greeks will follow theyr orders.Soon/i hope not/there will be the same situation in Deutchland.But germans will be in line,not rioting,going to slaughter.

    Wed, 02/08/2012 - 16:12 | 2139014 hangemhigh77
    hangemhigh77's picture

    The only question the rioters will have is which building should they burn down first?

    Wed, 02/08/2012 - 16:12 | 2139017 Maxwell Smart
    Maxwell Smart's picture

    What is delaying the military coup in Greece?


    Wed, 02/08/2012 - 16:43 | 2139142 drider
    drider's picture

    Please, you first have to place the order for new (preferably EU manufactured) guns, then you make the people pay for them, and then (and only then) you use these guns against the people. That's the proper way of doing this...

    Wed, 02/08/2012 - 16:13 | 2139018 hangemhigh77
    hangemhigh77's picture

    I'm going to my bank and ask them for 30 million dollars for which I will pledge to pay them back some time in the future.

    Wed, 02/08/2012 - 16:55 | 2139182 EyeQ
    EyeQ's picture

    promise them you'll take a 20% pay decrease to make sure you can make the payments.

    Wed, 02/08/2012 - 16:13 | 2139022 virgilcaine
    virgilcaine's picture

    Bend over Greek peoples.

    Wed, 02/08/2012 - 16:13 | 2139025 fonzannoon
    fonzannoon's picture

    Is today the top?

    Wed, 02/08/2012 - 16:20 | 2139052 The trend is yo...
    The trend is your friend's picture

    everyday is a top.  It will go down once i sell or my puts expire worthless

    Wed, 02/08/2012 - 16:15 | 2139029 goldnguns
    goldnguns's picture

    I still got a buttload of old drachmas left over from a Navy liberty in Thessaloniki.  ah yes, she paid for everything and I got to keep the wad of funny money.  Mebbe I'll get to buy that nice little villa overlooking the blue Aegean.  Course she is probably rioting in the streets about now over the loss of her pension after retiring at age 50.

    Wed, 02/08/2012 - 16:15 | 2139032 hangemhigh77
    hangemhigh77's picture

    Maybe they need to replace the GS guy with someone from JPM. That should fix the problem. get someone with a name that doesn't start with Papo. maybe a name starting with klepto.........

    Wed, 02/08/2012 - 16:15 | 2139033 youngman
    youngman's picture

    5% drop in GDP........come on is this the CBO guys will be 40-50%.....drop in above table the under the table is a whole different thing...

    Wed, 02/08/2012 - 16:16 | 2139034 brooklynlou
    brooklynlou's picture

    The Greeks will NEVER sign off on that. Its the last 'pledge' that is the killer. Hellenic Petroleum owns the exploration rights for Greece and supposedly theres a crapload of oil in the Aegean. That's Greece's trust fund. Tell the Greeks that they'll have to give the Germans their oil and last years riots will look like an episode of Spongebob.

    Wed, 02/08/2012 - 16:45 | 2139146 CrashisOptimistic
    CrashisOptimistic's picture

    Greece imports 400K barrels/day and produces jack.

    If there was oil there, they'd already have tapped it.

    Wed, 02/08/2012 - 16:51 | 2139168 drider
    drider's picture

    No, not once have the Germans mentioned the word "oil" in the same context with the word "Greece". The Germans are all in for investing in renewable sources of energy (Helios project).

    Actually, I think that oil will be a small gift to our American friends to play along with the German plan for Greece.

    Wed, 02/08/2012 - 18:19 | 2139486 falak pema
    falak pema's picture

    TO buy obsolete army junk from USA. THe Greek army needs new toys.

    Wed, 02/08/2012 - 16:21 | 2139038 BlackholeDivestment
    BlackholeDivestment's picture

    ...they pledge to cut wages to pay bankers that targeted labor for death. Hmmm. What was everyone thinking? Lol. Who in the hell was so tempted by the suicidal maniac offer? Was it the shine of the loaded gun with the $ sign next to the word ''debt note''? ...or just the fact that the devil pointing it at you said go ahead and pull the trigger ''you shall not surely die''. Lol 

    ...if you quantify what ''money is today'', as a store of value for labor, you need only look at what this Bloomberg report on wage cuts in Greece means. The value defines the Vampire Squid is hungry for blood. Funny how the image of this vampire offers no reflection in the mirror. Maybe the Squid should not be called the Vampire Squid, proper term should be ''THE SUICIDE VAMPIRE SQUID''. the Greeks, and everyone on the planet, need to ask themselves a question in the mirror. ''Are you The Suicide Vampire Squid?''

    Wed, 02/08/2012 - 16:17 | 2139039 hangemhigh77
    hangemhigh77's picture

    the standing Greek joke used to be, "what comes between a Greek father and his son? A crowbar"  Now it's, "what comes between a Greek bankster and the Greek people? A crowbar".

    Wed, 02/08/2012 - 16:19 | 2139044 carbonmutant
    carbonmutant's picture

    I'll believe this as soon as Venizelos drops a 100 pounds...

    Wed, 02/08/2012 - 16:19 | 2139046 PontifexMaximus
    PontifexMaximus's picture

    Non mi prendere per i fondelli! Die nehmen uns alle am Arsch! Nevertheless I am fully convinced that this will be bullish for the markets. People are aware of that and they do not give a s....on it.

    Wed, 02/08/2012 - 16:20 | 2139051 hangemhigh77
    hangemhigh77's picture

    These greek politicians must have to be transported in armored vaults.  

    Wed, 02/08/2012 - 16:55 | 2139176 drider
    drider's picture

    No problem, we can always invite to Athens our Cretian brethen who reportedly have RPGs!

    Wed, 02/08/2012 - 16:22 | 2139056 walküre
    walküre's picture

    Greece needs an ambush intervention. C'mon people we're all guilty of looking at them and not helping to shake the habit.

    Just waiting for another statement from the real leadership in Greece, the Ueberfather of the Orthodox Church whatever his title may be. He is calling the shots. If he sees the political class selling out Greece's interests and harming Greeks in the process, he will call the people to pick up their pitchforks. Mark my words.

    Wed, 02/08/2012 - 16:22 | 2139057 alfa
    alfa's picture

    You must note (N.B.) that CNN brought a special mission to Athens.

    They know something about the next days "happenings"?.......


    Wed, 02/08/2012 - 16:31 | 2139097 walküre
    walküre's picture

    Anderson Cooper?

    Wed, 02/08/2012 - 16:23 | 2139059 hangemhigh77
    hangemhigh77's picture

    When is Germany invading Greece?  You'll know when you see a long line of black Mercedes filled with banksters.

    Wed, 02/08/2012 - 16:31 | 2139096 PontifexMaximus
    PontifexMaximus's picture

    When the black MB 's are lining up, it' not Germany, it's 200 west street, NY

    Wed, 02/08/2012 - 16:24 | 2139066 kito
    kito's picture



    troika just jumped the shark, er, make that the blue whale...............

    Wed, 02/08/2012 - 17:00 | 2139196 drider
    drider's picture

    Yeah right... just wait until IMF abandons the troika ship. I heard that their projections about the Greek debt sustainability is somehow different than what the eurocrats would hope for.

    Wed, 02/08/2012 - 16:24 | 2139067 hangemhigh77
    hangemhigh77's picture

    The Squid is thirdting for Greek blood.  Lloyd wants an island.

    Wed, 02/08/2012 - 16:25 | 2139070 vote_libertaria...
    vote_libertarian_party's picture

    I think the headline leak mis read the time zone conversion table.  Instead of 2:45 ET it was supposed to be leaked at 3:45 ET.


    Gotta hit those 'puters juuuuuust right.

    Wed, 02/08/2012 - 16:25 | 2139072 hangemhigh77
    hangemhigh77's picture

    The Squid wants Greek blood


    Wed, 02/08/2012 - 16:26 | 2139077 hangemhigh77
    hangemhigh77's picture

    Where's Jimmy The Greek when you need him?

    Wed, 02/08/2012 - 16:28 | 2139080 NotApplicable
    NotApplicable's picture

    C'mon now Tyler! That's a wholly rational assumption, if you read between the lines.

    RETURN TO GROWTH IN 2013 = Wholesale destruction of EVERYTHING by the 12/31/12.

    Like I said, a wholly rational assumption.

    Dead cat bounce, FTW!

    Wed, 02/08/2012 - 16:28 | 2139086 Conman
    Conman's picture

    This is getting old. Buy the fucking dip strategy going strong.

    Wed, 02/08/2012 - 16:29 | 2139087 Village Smithy
    Village Smithy's picture

    Tyler you described this as a "tape bomb". You know better than that. All joking aside the market should be tanking if this is what they've come up with after all these weeks. It's truly unreal. 

    Wed, 02/08/2012 - 16:29 | 2139089 Miss Expectations
    Miss Expectations's picture


    Wed, 02/08/2012 - 16:40 | 2139130 yogibear
    yogibear's picture

    The Troika must be full of wishful idiots. Greece can agree and do nothing. The Chinese sign all kinds of international documents and do the opposite.

    The Troika have become the PIIGS useful suckers.  The Troika likes to make public announcements to worthless agreements.

    PIIGS suck all the money you can from these bloated bureaucrats!


    Wed, 02/08/2012 - 16:42 | 2139136 virgilcaine
    virgilcaine's picture

    Time for NATO... the 7.62 mm version.  Those cocktails are going to start flying soon.

    Wed, 02/08/2012 - 16:47 | 2139157 CrashisOptimistic
    CrashisOptimistic's picture

    Cocktails do nothing.

    For anything to change requires bullets going into brains.  Nothing will change until that happens.

    Wed, 02/08/2012 - 16:48 | 2139148 Eisenhorn
    Eisenhorn's picture


    For it is the only power now found greater in proof than fame, and the only power, that neither grieveth the invader when he miscarries with the quality of those he was hurt by, nor giveth cause to the subjected states to murmur as being in subjection to men unworthy. For both with present and future ages we shall be in admiration for a power not without testimony but made evident by great arguments, and which needeth not either a Homer to praise it or any other such whose poems may indeed for the present bring delight, but the truth will afterwards confute the opinion conceived of the actions. For we have opened unto us by our courage all seas and lands and set up eternal monuments on all sides both of the evil we have done to our enemies and the good we have done to our friends.


    -From the Funeral Oration of Pericles as recorded by Thucydides (Speaking of Athens)



    Wed, 02/08/2012 - 18:29 | 2139517 Use of Weapons
    Use of Weapons's picture

    Comment on Greek situation, with reference to new fence building & the fate of Cassandra.


    Oh, oh, --
    King, king, how shall I beweep thee?
    From friendly soul whatever say?
    Thou liest where webs of the spider o'ersweep thee
    In impious death, life breathing away.
    O me -- me!
    This couch, not free.
    By a slavish death subdued thou art,
    From the hand, by the two-edged dart.


    Aechylus, Agamemnon, 1489-96, trans. Robert Browning.

    Wed, 02/08/2012 - 16:59 | 2139191 VelvetHog
    VelvetHog's picture

    I get SOOOO tired of it all.

    Wed, 02/08/2012 - 17:01 | 2139199 Catullus
    Catullus's picture

    Take to the streets government workers! demand you be fully compensated for your no-show bureaucratic jobs at ever increasing pay with ever increasing benefits for your entire waste of space existences. Be sure to use the plural pronoun "we" and "us" a lot so you can gain a modicum of sympathy from the taxpayers you've robbed for years. And if you're surprised that the people who loaned you money are lining up to fuck you solid, you belong in the parthenon of assholes.

    You assbags can always stiff them....

    Wed, 02/08/2012 - 17:34 | 2139336 Elwood P Suggins
    Elwood P Suggins's picture

    A incredibly generous and humane offer from the Troika.  How fortunate the Greek people are that kindly Angela Merkel of Germany has taken the lead in this and from the earliest days has put the interests of the Greek people ahead of everything else. 

    Wed, 02/08/2012 - 18:00 | 2139415 darkhorse222
    darkhorse222's picture

    Default, Collapse or leave the EU already!!!   fool me once, shame on you! Fool me 237 times....uh how does it go?

    Wed, 02/08/2012 - 18:04 | 2139432 navy62802
    navy62802's picture

    Fool me 237 times, you'll probably fool me yet again ...

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